<p>作者：Isabel Wang, Gordon Gottsegen 和 Joseph Adinolfi</p>
<p>策略师表示：‘现在似乎有两个不同的市场’</p>
<p>市场在零售热门股和稳定表现之间越来越分化。</p>
<p>华尔街本周经历了两个市场的故事。</p>
<p>曾经受欢迎的动量交易在去年给投资者带来了丰厚回报，但最终遭遇了滑坡。根据高盛的美国高贝塔动量指数，周三是自 2022 年以来热门动量股票表现最差的一天——尽管该指数在周末回升，最终几乎持平。</p>
<p>与此同时，乏味但稳定的价值股悄然积累胜利，道琼斯工业平均指数首次突破 50,000 点。追踪标准普尔 500 指数等权重版本的基金在本周创下新高，表现超过其市值加权的兄弟基金 SPY，周度差距为 2020 年以来最大，FactSet 数据显示。</p>
<p>“现在似乎有两个不同的市场，” Nationwide 的首席市场策略师 Mark Hackett 在接受 MarketWatch 采访时表示。“有些是杠杆和波动的，有些则是设定后就不再关注的。”</p>
<p>白银（SI00）和比特币（BTCUSD）是 Hackett 所指的杠杆、零售驱动市场的两个例子。他指出，过去几个月，散户投资者在白银交易中的参与度大幅提高。</p>
<p>根据最活跃期货合约的交易情况，白银价格已从每盎司超过 120 美元的盘中纪录下跌超过 35%，道琼斯市场数据指出。比特币在本周早些时候短暂抹去超过一半的价值，但周五的反弹将其推回到 70,000 美元的门槛——尽管仍远低于 10 月份超过 126,000 美元的历史高点。</p>
<p>多年来为投资者带来收益的软件股票本周也遭遇重创。iShares 扩展科技 - 软件行业 ETF IGV 本周下跌 8.7%，是自 4 月 4 日以来的最差表现，FactSet 数据显示。</p>
<p>“活跃交易者可以在热门股票和行业之间迁移，当这些行业失宠时，它们就会下跌，” Interactive Brokers 的首席市场策略师 Steve Sosnick 表示。他补充道，在许多情况下，动量交易是由投机而非估值支撑的。</p>
<p>在另一端，之前表现落后的周期性和防御性股票本周表现优于大盘，帮助主要指数逆转下行趋势。标准普尔 500 的消费品板块 XX:SP500.30 是大型指数 11 个板块中表现最佳的，本周上涨 6%。工业板块 XX:SP500.20 和材料板块 XX:SP500.15 本周分别上涨 4.7% 和 3.5%，根据 FactSet 数据。</p>
<p>广泛的涨幅导致标准普尔 500 中更多股票上涨，即使该指数的主导科技股表现疲软，导致其下跌。周三，92 家标准普尔 500 成分股创下 52 周收盘新高，为 2024 年 11 月以来最多，道琼斯市场数据指出。</p>
<p>这种分化突显了华尔街的情绪拉锯战——冒险者追逐炒作，而稳健的投资者则采取更为谨慎的态度。本周的一个重要启示可能是，随着投资者情绪和杠杆押注继续推动市场大幅波动，更多剧烈的变动可能在所难免。</p>
<p>参见：道琼斯首次收于 50,000 点，经历美国股市的艰难一周</p>
<p>个别股票和资产的剧烈波动仍然渗透到主要的美国股指中，三大指数像悠悠球一样反复波动。道琼斯工业平均指数本周上涨 2.5%，因股票在周五强劲反弹。</p>
<p>反弹使标准普尔 500 SPX 和纳斯达克综合指数 COMP 迎来了自至少 11 月 24 日以来的最佳表现，但这两个以科技为主的指数本周分别下跌 0.1% 和 1.8%，根据 FactSet 数据。</p>
<p>当然，本周并没有明显的恶性因素，比如地缘政治冲击或关税威胁，导致市场陷入下滑。相反，这只是持续不断的企业和经济头条在削弱风险偏好，迫使投机者和价值投资者重新审视他们所认为的所有知识。</p>
<p>这一切始于 Anthropic 推出的新自动化工具，该公司是 Claude 聊天机器人的开发者，周二因担忧人工智能可能侵蚀其商业模式而引发软件和金融服务股票的抛售。周四，AMD 发布低于预期的第一季度指引后，这种焦虑蔓延至更广泛的市场，而谷歌母公司 Alphabet（GOOGL）（GOOG）则将其 2026 年的人工智能支出计划翻倍。这些发展重新点燃了人们对人工智能是否真的能兑现炒作的担忧。</p>
<p>其他宏观担忧，如劳动力市场疲软和即将举行的美伊核谈判，也对市场情绪造成了压力。</p>
<p>“人们实际上正在回归到大家很久以来都忘记的东西——你实际上看到一些价值投资或基本面回归，” WEBs Investments 的首席执行官 Ben Fulton 表示。</p>
<p>在 Fulton 看来，动量股票确实 “远远超前于基本面良好的公司”，因此投资者需要在市场快速变动时 “重新调整方向”。</p>
<p>-Isabel Wang -Gordon Gottsegen -Joseph Adinolfi</p>
<p>此内容由 MarketWatch 创作，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻社和《华尔街日报》独立出版。</p>
<p>（完）道琼斯新闻社</p>
<p>02-07-26 0900ET</p>

<p>华尔街经历了动荡的一周，显示出波动性动量股与稳定价值股之间的分歧。高盛美国高贝塔动量指数遭遇自 2022 年以来最糟糕的一天，而道琼斯工业平均指数首次突破 50,000 点。以零售为驱动的市场，如白银和比特币，经历了显著波动，白银价格较峰值下跌超过 35%。尽管科技股遭受重创，但消费品和工业等行业表现良好。这一周突显了投资者情绪的变化，投机者追逐趋势，而价值投资者则保持谨慎</p>

<p>By Isabel Wang, Gordon Gottsegen and Joseph Adinolfi</p>
<div class="lb-trans"><p>作者：Isabel Wang, Gordon Gottsegen 和 Joseph Adinolfi</p>
</div><p>'It seems like there are two different markets right now,' strategist says</p>
<div class="lb-trans"><p>策略师表示：‘现在似乎有两个不同的市场’</p>
</div><p>Markets are looking increasingly divided between retail favorites and steady performers.</p>
<div class="lb-trans"><p>市场在零售热门股和稳定表现之间越来越分化。</p>
</div><p>Wall Street lived a tale of two markets this week.</p>
<div class="lb-trans"><p>华尔街本周经历了两个市场的故事。</p>
</div><p>Once-popular momentum trades that showered investors with outsize rewards last year finally hit the skids. Wednesday was the worst single-day showing for popular momentum stocks since 2022, based on the performance of Goldman Sachs's U.S. High-Beta Momentum Index - although the index rallied back to finish the week essentially unchanged.</p>
<div class="lb-trans"><p>曾经受欢迎的动量交易在去年给投资者带来了丰厚回报，但最终遭遇了滑坡。根据高盛的美国高贝塔动量指数，周三是自 2022 年以来热门动量股票表现最差的一天——尽管该指数在周末回升，最终几乎持平。</p>
</div><p>Meanwhile, boring yet steady value plays quietly stacked wins, with the value-heavy Dow Jones Industrial Average DJIA topping 50,000 pointsw for the first time ever. A fund that tracks the equal-weighted version of the S&amp;P 500 index RSP finished the week at a fresh record high, outperforming its capitalization-weighted sibling SPY by the widest weekly margin since 2020, FactSet data showed.</p>
<div class="lb-trans"><p>与此同时，乏味但稳定的价值股悄然积累胜利，道琼斯工业平均指数首次突破 50,000 点。追踪标准普尔 500 指数等权重版本的基金在本周创下新高，表现超过其市值加权的兄弟基金 SPY，周度差距为 2020 年以来最大，FactSet 数据显示。</p>
</div><p>&#34;It seems like there are two different markets right now,&#34; said Mark Hackett, chief market strategist at Nationwide, during an interview with MarketWatch. &#34;There are the ones that are levered and volatile, and the ones that are just set-it-and-forget-it.&#34;</p>
<div class="lb-trans"><p>“现在似乎有两个不同的市场，” Nationwide 的首席市场策略师 Mark Hackett 在接受 MarketWatch 采访时表示。“有些是杠杆和波动的，有些则是设定后就不再关注的。”</p>
</div><p>Silver (SI00) and bitcoin (BTCUSD) were two examples of the type of levered, retail-driven markets Hackett was referring to. Over the past few months, individual investors have become much more involved in the silver trade, he noted.</p>
<div class="lb-trans"><p>白银（SI00）和比特币（BTCUSD）是 Hackett 所指的杠杆、零售驱动市场的两个例子。他指出，过去几个月，散户投资者在白银交易中的参与度大幅提高。</p>
</div><p>Based on trading in the most active futures contract, silver has fallen by more than 35% from its intraday record north of $120 an ounce, Dow Jones Market Data showed. Bitcoin briefly erased more than half of its value earlier this week, before a Friday rebound pushed it back up to the $70,000 threshold - though it's still well below its record high north of $126,000 from October.</p>
<div class="lb-trans"><p>根据最活跃期货合约的交易情况，白银价格已从每盎司超过 120 美元的盘中纪录下跌超过 35%，道琼斯市场数据指出。比特币在本周早些时候短暂抹去超过一半的价值，但周五的反弹将其推回到 70,000 美元的门槛——尽管仍远低于 10 月份超过 126,000 美元的历史高点。</p>
</div><p>Software stocks, which minted gains for investors for years, also got hammered this week. The iShares Expanded Tech-Software Sector ETF IGV fell 8.7% this week, its worst showing since April 4, FactSet data showed.</p>
<div class="lb-trans"><p>多年来为投资者带来收益的软件股票本周也遭遇重创。iShares 扩展科技 - 软件行业 ETF IGV 本周下跌 8.7%，是自 4 月 4 日以来的最差表现，FactSet 数据显示。</p>
</div><p>&#34;Active traders can and do migrate between hot stocks and sectors, and when those sectors fall out of favor, they decline,&#34; said Steve Sosnick, chief market strategist at Interactive Brokers. In many cases, momentum trades are being kept afloat by the speculations rather than valuations, he added.</p>
<div class="lb-trans"><p>“活跃交易者可以在热门股票和行业之间迁移，当这些行业失宠时，它们就会下跌，” Interactive Brokers 的首席市场策略师 Steve Sosnick 表示。他补充道，在许多情况下，动量交易是由投机而非估值支撑的。</p>
</div><p>At the other end of the spectrum, previously lagging cyclical and defensive names outperformed the broader market this week, helping buck the downtrend for the major indexes. The S&amp;P 500's consumer-staples sector XX:SP500.30 was the best performer among the large-cap index's 11 sectors, up 6% for the week. The industrials XX:SP500.20 and materials XX:SP500.15 sectors were also up 4.7% and 3.5% for the week, respectively, according to FactSet data.</p>
<div class="lb-trans"><p>在另一端，之前表现落后的周期性和防御性股票本周表现优于大盘，帮助主要指数逆转下行趋势。标准普尔 500 的消费品板块 XX:SP500.30 是大型指数 11 个板块中表现最佳的，本周上涨 6%。工业板块 XX:SP500.20 和材料板块 XX:SP500.15 本周分别上涨 4.7% 和 3.5%，根据 FactSet 数据。</p>
</div><p>The broad-based gains resulted in more stocks within the S&amp;P 500 moving higher, even as weak performance by the index's dominant tech names pushed it lower. On Wednesday, 92 S&amp;P 500 members tallied fresh 52-week closing highs, the most since November 2024, Dow Jones Market Data showed.</p>
<div class="lb-trans"><p>广泛的涨幅导致标准普尔 500 中更多股票上涨，即使该指数的主导科技股表现疲软，导致其下跌。周三，92 家标准普尔 500 成分股创下 52 周收盘新高，为 2024 年 11 月以来最多，道琼斯市场数据指出。</p>
</div><p>The split underscores the sentiment tug-of-war on Wall Street - with risk-takers chasing hype, while steady hands take a more measured approach. A crucial takeaway of the week might be that as investor sentiment and leveraged bets continue to drive swings in broad swaths of the market, more wild moves could be in store.</p>
<div class="lb-trans"><p>这种分化突显了华尔街的情绪拉锯战——冒险者追逐炒作，而稳健的投资者则采取更为谨慎的态度。本周的一个重要启示可能是，随着投资者情绪和杠杆押注继续推动市场大幅波动，更多剧烈的变动可能在所难免。</p>
</div><p>See: Dow closes above 50,000 for first time after rough week for U.S. stock market</p>
<div class="lb-trans"><p>参见：道琼斯首次收于 50,000 点，经历美国股市的艰难一周</p>
</div><p>Wild swings in individual stocks and assets still managed to bleed into the major U.S. equity indexes, with all three snapping back and forth like a yo-yo. The Dow Jones Industrial Average managed a weekly gain of 2.5% as stocks staged a strong recovery on Friday.</p>
<div class="lb-trans"><p>个别股票和资产的剧烈波动仍然渗透到主要的美国股指中，三大指数像悠悠球一样反复波动。道琼斯工业平均指数本周上涨 2.5%，因股票在周五强劲反弹。</p>
</div><p>The rebound gave the S&amp;P 500 SPX and the Nasdaq Composite COMP their best days since at least Nov. 24, yet both tech-heavy indexes ended the week down 0.1% and 1.8%, respectively, according to FactSet data.</p>
<div class="lb-trans"><p>反弹使标准普尔 500 SPX 和纳斯达克综合指数 COMP 迎来了自至少 11 月 24 日以来的最佳表现，但这两个以科技为主的指数本周分别下跌 0.1% 和 1.8%，根据 FactSet 数据。</p>
</div><p>To be sure, there was no obvious villain, like a geopolitical shock or tariff threats, sending the market into a tailspin this week. Instead, it was just a steady stream of corporate and economic headlines chipping away at risk appetite, forcing both speculators and value investors to second-guess everything they thought they knew.</p>
<div class="lb-trans"><p>当然，本周并没有明显的恶性因素，比如地缘政治冲击或关税威胁，导致市场陷入下滑。相反，这只是持续不断的企业和经济头条在削弱风险偏好，迫使投机者和价值投资者重新审视他们所认为的所有知识。</p>
</div><p>It started with a new automation tool from Anthropic, the developer behind the Claude chatbot, which on Tuesday sparked a selloff across software and financial-services stocks due to concerns that AI could erode their business models. The anxiety then spilled into the broader market on Thursday after Advanced Micro Devices (AMD) issued weaker-than-expected guidance for the first quarter and Google parent Alphabet (GOOGL) (GOOG) doubled its planned AI spending for 2026. Together, these developments reignited fears over whether AI will truly live up to the hype.</p>
<div class="lb-trans"><p>这一切始于 Anthropic 推出的新自动化工具，该公司是 Claude 聊天机器人的开发者，周二因担忧人工智能可能侵蚀其商业模式而引发软件和金融服务股票的抛售。周四，AMD 发布低于预期的第一季度指引后，这种焦虑蔓延至更广泛的市场，而谷歌母公司 Alphabet（GOOGL）（GOOG）则将其 2026 年的人工智能支出计划翻倍。这些发展重新点燃了人们对人工智能是否真的能兑现炒作的担忧。</p>
</div><p>Other macro concerns, such as a weakening labor market and upcoming nuclear talks between the U.S. and Iran, also weighed on market sentiment.</p>
<div class="lb-trans"><p>其他宏观担忧，如劳动力市场疲软和即将举行的美伊核谈判，也对市场情绪造成了压力。</p>
</div><p>&#34;People are actually going back to something everyone's forgot about for a long time - you're actually seeing some value [investing] or fundamentals coming back in,&#34; said Ben Fulton, CEO of WEBs Investments.</p>
<div class="lb-trans"><p>“人们实际上正在回归到大家很久以来都忘记的东西——你实际上看到一些价值投资或基本面回归，” WEBs Investments 的首席执行官 Ben Fulton 表示。</p>
</div><p>In Fulton's views, momentum stocks did &#34;run far ahead of fundamentally sound companies,&#34; so investors need to &#34;realign the car&#34; while markets are moving quickly.</p>
<div class="lb-trans"><p>在 Fulton 看来，动量股票确实 “远远超前于基本面良好的公司”，因此投资者需要在市场快速变动时 “重新调整方向”。</p>
</div><p>-Isabel Wang -Gordon Gottsegen -Joseph Adinolfi</p>
<div class="lb-trans"><p>-Isabel Wang -Gordon Gottsegen -Joseph Adinolfi</p>
</div><p>This content was created by MarketWatch, which is operated by Dow Jones &amp; Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.</p>
<div class="lb-trans"><p>此内容由 MarketWatch 创作，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻社和《华尔街日报》独立出版。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道琼斯新闻社</p>
</div><p>02-07-26 0900ET</p>
<div class="lb-trans"><p>02-07-26 0900ET</p>
</div>

Wall Street's wild week rattles investors' confidence while highlighting a growing divide within markets

Dow Jones

道琼斯指数

Grayscale Bitcoin Mini Trust ETF

Grayscale Bitcoin Trust BTC - ETF

白银信托 ETF - iShares

WisdomTree Bitcoin Fund

ARK 21Shares Bitcoin ETF

Valkyrie Bitcoin and Ether Strategy ETF

2 倍做多白银 ETF - ProShares

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实物白银股票 ETF - ETFS

Invesco Galaxy Bitcoin ETF

Grayscale Bitcoin Adopters ETF

道琼斯美股 ETF - iShares

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2 倍做多道指 ETF - ProShares

Fidelity Wise Origin Bitcoin Fund - ETF

iShares Bitcoin Trust ETF

Bitwise Bitcoin ETF

3 倍做多道指 30 ETF - ProShares

ProShares Bitcoin Strategy ETF

Franklin Bitcoin ETF

环球银矿 MSCI ETF - iShares

Sprott Silver Mnrs & Physical Silver ETF

塔吉特

开市客

克罗格

华尔街动荡的一周不仅动摇了投资者的信心，还突显了市场内部日益扩大的分歧